Many cryptocurrency exchangers do not even require users to register, which makes their services convenient for many people. The differences between such exchangers and cryptocurrency exchanges are as follows:
- the speed of financial transactions;
- no need to open an individual account;
- the ability to operate with small amounts of money;
- less profitable exchange rates of cryptocurrencies than on exchanges;
- the ability to carry out exchange operations around the clock;
- lower degree of reliability than exchanges.
Differences between exchanges
All existing cryptocurrency exchanges tools work on almost the same principle. The difference between them lies only in the details, as well as in the ability to work with both individuals and legal entities. Exchange of cryptocurrencies for legal entities in one of three ways: manual, semi-automatic or automatic. Among them, the manual mode of operation of the exchanger is the simplest from a technical point of view. When using it, the client of the service first transfers his crypto coins to the details given on the website, and then the operator of the exchange service, after checking their receipt, manually transfers fiat or electronic money to the client’s account. The disadvantage of the manual mode of operation of exchange services is the long execution time of operations, which can take up to several hours.
The need to transfer cryptocurrency sooner or later arises for almost every user. For active traders, this is a common operation. Investors are faced with sending coins less often. But both groups are at risk of losing funds.
There can be many reasons – for example, an error when copying an address or an unspecified tag due to forgetfulness.
Using currency exchange tools is the easiest and fastest option, but the commissions are higher than on crypto exchanges, and the level of reliability is much lower than that of large cryptocurrency platforms. Crypto exchangers tools have a simple interface and support common payment systems.
With the help of cryptocurrency exchanges – the most profitable option with minimal commissions, it also allows you to trade crypto assets and store them on your personal. The most popular crypto exchange in the world is Binance, the site has the maximum trading volumes.
On the other hand, even old and proven services do not provide any guarantees, and everything rests solely on reputation and trust. Still, there are several indicators by which you can choose a more or less reliable service and make your own rating of the best cryptocurrency exchangers.
Before trusting your hard earned money to any exchanger, you should pay attention to several indicators:
- Cryptocurrency reserve. It determines liquidity. This indicator affects the speed of the transaction. If someone makes a big deal, the reserve will decrease accordingly. They are quickly restored on popular services.
- Number of trading pairs. The more trading pairs, the more convenient the exchanger is.
- Reviews. One of the most important points. When choosing a site, you should always familiarize yourself with the experience of those who have already used it.
Top 5 cryptocurrency exchanges:
On these exchanges, you can easily exchange and withdraw any electronic currency, including cryptocurrency, without any problems. Exchanges are not as convenient and easy to use as exchangers, but if you follow all the instructions, you should not have any problems working with them.